© 2024 WNIJ and WNIU
Northern Public Radio
801 N 1st St.
DeKalb, IL 60115
Northern Public Radio
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Financial Companies Shoring Up Lack of State Health Insurance Money

The state of Illinois covers health insurance benefits for tens-of-thousands public employees.

Health care providers are not getting paid because there is no spending plan for the current fiscal year. 

But there are options for those who can't hold out for a budget resolution. Companies can help them keep their doors open by advancing them a cash infusion. These businesses collect the money from the state when it eventually comes  -- along with the hefty interest charges Illinois is required to add to late payments. ?
Brian Hynes, founder of Healthcare Finance, says his company keeps businesses open and workers getting paychecks.

"The calls we get when it's 'If we don't have money by Wednesday, we're not going to make payroll,' those are the calls that my employees love," he said.   

Healthcare Finance is currently financing about $550 million in state employee health insurance past due claims through private lenders.

Related Stories